Wednesday, 23 May 2012

Petrol price raised by Rs 7.50 per litre from 24th May 2012



The government on Wednesday hiked the price of petrol by Rs 7.50 per litre. The hike will be effective from Wednesday midnight. Oil minister Jaipal Reddy had on Tuesday said there was an immediate need to raise fuel prices, but had refused to say when the hike would actually take place.

The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar.

Earlier on Tuesday, Petroleum Minister S Jaipal Reddy had said that there was an immediate need to raise fuel prices, but refused to say when the hike would actually take place.
The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar.
Price of diesel, kerosene and cooking gas were raised in June 2011.
State-owned oil firms, who had in the fiscal ending March 31, 2012 lost Rs 4,860 crore on petrol sales, are currently losing Rs 6.28 per litre on petrol.
Interactive graph: Fuel price hike 1989 to 2012

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